Flipping houses.?

Question

Has anyone had success flipping houses? If so - what would you say are the most important (let’s say top 3) factors in:

1. Selecting the house.
2. Completing the job.

Answer 1

I have had good success with flipping homes and I do it full time....Selecting the home is most important.....You have to really know your real estate market, that means doing your due diligence....Studying the market every day....Checking your local market online everyday to see where the market is heading.....Select an area of town and know it like the back of your hand....In my area, the market has slowed, but I am still clearing at least 30k a job.....

Completing the job, is also very important.....You have to find reasonable and reliable contractors....It can be so frustrating when you have contractors who do sloppy work or don't show up.....TIME IS MONEY! With every project I set a budget and a deadline.....I really try to stick to both, even if it means, I end up doing some of the work, like painting and doing details.....One last thing, the days of flipping are NOT over, by any means.....You just have to work harder and smarter than before, but their is still plenty of money to be made in this business.....best of luck~!

Answer 2

The days of flipping houses (and making money at it) are in the past. This is a phrase coined by some idiot somewhere that sounded cool. Buying distressed properties, fixing them up, and reselling at a profit is HARD, HARD work, and requires a lot of real estate acumen. Flipping houses is another way of saying :Handyman's Special, Rehabber's Dream, etc. The market is virtually gone for that sort of thing. You notice you don't see the term as much or those shows on HGTV.

Answer 3

The top three factors in selecting the house are:

#1 - Desirable neighborhood
#2 - Good floor plan
#3 - Not getting in over your head

Completing the job:

#1 - Having a reasonable budget
#2 - Sticking to it
#3 - Not getting in over your head

Flipping is not for the faint of heart, it is hard work. If you plan on hiring contractors, you will have headaches everyday with them. Plan on it. If you are dong the work yourself, make sure about the licensing requirements in your area.

Answer 4

A lot of people have the same idea. So that means the number of properties available are fewer & the prices are higher.

So you have to look harder to find deals & you need a sharper pencil when you work out a deal.

If you can't do most of the work your self then forget about it & keep you money where its safe.

Answer 5

Know your target area well
Purchase it below market value
Sell at a competitive price

Answer 6

A site at http://www.investmentrentalproperties.com has some information on flipping real estate.

Answer 7

THE FLIPPING DAYS ARE OVER BASICALLY.
THE RULE OF THUMB WAS TO FIND A HOME 30% UNDER MARKET PRICE AND DO THE WORK YOURSELF.

Answer 8

1. Buying below market. (Make sure it is at least 25% below market)
2. Good area.
3. Fixing and selling fast.

You can learn more here:
http://www.forumforme.com/
and here:
http://www.flippingtraining.com/

Hope this helps.

Answer 9

lol, in today's market we look for the buyer and or the renter first and then we go look for a trouble property based on what the buyer or renter we found can do.
Buena Suerte

Answer 10

BIG CRANE... Carefully make sure there is nothing on the other side then roll it on over.